The U.S. government’s sale of Citigroup Inc. shares slowed last month as the bank’s share price tumbled 5.1 percent amid a stock-market slump.
The government sold 1.1 billion shares from May 27 through June 30, according to a Treasury statement today. The sales, which are being managed by Morgan Stanley, generated proceeds of about $4.3 billion and reduced the government’s holdings in New York-based Citigroup to 5.1 billion shares, or 18 percent of the total outstanding.
There were 24 trading days during the period, for an average of about 45 million shares a day. During an initial sale period that ran April 26 through May 26, the Treasury sold 1.5 billion shares, or about 65 million a day during a 23-day period. Treasury spokesman Andrew Williams declined to confirm the calculations, saying a more specific report on the sales would be posted on the department’s website today or tomorrow.
The government got its Citigroup stock last year after agreeing to convert $25 billion of bailout funds into common shares at a price of $3.25 each, for a total of 7.7 billion shares and a 27 percent stake. The bank received a $45 billion rescue in 2008 and repaid $20 billion in December.
‘Blackout Period’
“We are pleased that Treasury has profitably sold a third of its common shares in Citi, adding to the substantial return for taxpayers realized last year when we repaid the December 2008 TARP investment,” the bank said in a statement today.
The Treasury, which has announced plans to liquidate its Citigroup stake this year, suspended the sales after yesterday’s trading session to comply with a “blackout period” in advance of the bank’s second-quarter earnings report, scheduled for July 16. The selling will resume after that, Treasury said.
The $4.3 billion in proceeds from the government’s latest sale represents an average realized price of about $3.91 a share. That compares with $6.2 billion of proceeds, or about $4.13 a share, during the initial period.
The Treasury’s average realized price over the two periods was $4.03, according to today’s statement.
The bank’s stock, which traded at $4.61 on April 26 when the first sale period was announced, has tumbled over the past two months as the Standard & Poor’s 500 Index fell by 13 percent.
Citigroup shares fell 2 cents to $3.74 as of 10:15 a.m. in New York Stock Exchange composite trading.
By Bradley Keoun
Tags: banks, citigroup, economists, financial system, investment, money, stock market, us economic, us stocks, us tax
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